I have a job and I still no what I'm doing or how to move forward.
I have been a bartender for17 years, I have a B.S. in chemistry but I love talking to groups of people and teaching. I love the spotlight. One of my customers thought I would be a great external wholesaler, so I thought what the hell, let's give it a shot. I got hired at Merrill Edge, passed my 7 and 66 and now I am on the phones all day as a financial solutions advisor. I am just unsure how to move forward and if maybe I am a little old to be starting. I am not looking to be a millionaire but I would like to make at least what did bartending. Just looking for some advice or experience with this type of situation. thank you all in advance for any input.
Hey congrats on the big move! The upside is probably going to be a lot more than you could make in bartending, if you are successful. Age is a big advantage for that type of role. If you like the role stick it out a few years even if the pay isn't there yet. Also, you might come to like not working until 12-3AM.
Figure out what you like about your job. Decide if you want to be a money manager or if you'd rather rep a fund directly down the line (strategist role etc). You could probably work towards a client facing PWM role if you want to work face to face and do asset allocation but it will take some knowledge building first. You're obviously likeable to make the move now so start building your network, try to use that evening time you would have spent bartending to make some connections in the industry, don't just hang with your current friends. You're probably too old to go the research track with your experience so I'd scratch that. Just start reading the WSJ every day and try to be a sponge for any new terminology and get a feel for how the markets trade. That will probably be of the biggest benefit to you.
In terms of wholesaling, from those that I've worked with, it isn't that hard and the question's you're asked will fuel the knowledge base you must build. Just be an expert on the strategies you rep and understanding what market factors affect them (and how) - not as easy as it sounds but it will feel like it's starting to come in a few months and should start really clicking in 1-2 year. Remember the line "I know the fund manager personally, l'd love to solicit their more qualified opinion on that question than share my personal view" and use it well :)
The hardest part at your age is the foot in the door and you're there. Best of luck to you.
Thank you, I really appreciate all your information. I still bartend 1 night a week to both keep me active and to have money coming in. So I now have one more attribute to add to the conversation, I will also try and make new friends in the industry. Again thank you for you advice and I look forward to posting in the success stories forum soon.
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